Retaining Customers

Customer retention is crucial to a business, and engaging in activities to retain customers is a priority. It costs less and is more profitable to retain a customer than it is to get a new customer. The lifetime value of a customer is far more than the value of a single purchase by a one-time customer. Yet managers are often puzzled by how to encourage customer retention.

A loyal following not only translates to greater profits, but also to a good reputation and the best advertising of all: word of mouth. Satisfied customers spread the word and bring in new customers who are likely to frequent your business. Retaining customers saves you money. On average, it takes seven attempts or more before a prospect will buy.

It does not have to be difficult to retain customers, however; all it takes is good customer service. If you meet your customers’ needs for prompt, courteous service and continue to survey prospects, you’ll always be one step ahead. By anticipating and meeting customers’ wants and needs, and even exceeding their expectations, you can be assured of customer retention. Customers will be impressed with the value they receive and continue to do business with you.

Another way to ensure customer satisfaction is through loyalty programs in which you reward your clients for continuing to do business with you. Recognize them and they’ll take notice of you. Take them for granted and they’ll go elsewhere. If you show that you appreciate the people who keep you in business, you’ll stay in business. Without them, you would not have a business.



 

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